The Sensex rallied over 1,233 points while the Nifty 50 closed at an intraday high of 23,440.80, successfully reclaiming its 20-day and 50-day exponential moving averages. Technical indicators including the relative strength index and a bullish MACD crossover confirm improving short-term momentum, though longer-term moving averages still counsel caution. Amid these shifting market conditions, specific buying opportunities emerged in the communications and hospitality sectors based on distinct technical breakout setups.
Key points
Market breadth strongly favored advancing equities with an advance-decline ratio of 2.10…: Market breadth strongly favored advancing equities with an advance-decline ratio of 2.10 to 1 during the session.
Although short-term momentum strengthened, the Nifty 50 remains below its 100-day and 200…: Although short-term momentum strengthened, the Nifty 50 remains below its 100-day and 200-day exponential moving averages.
Leela Palaces Hotels & Resorts carries a price target of ₹850 supported by a recent trend…: Leela Palaces Hotels & Resorts carries a price target of ₹850 supported by a recent trendline breakout.
Sources checked by our analysis pipeline: 1
Stock market recap: The benchmark Sensex rallied 1,233 points to a more than seven-week high on Monday, extending its gains for a third consecutive session. The Nifty 50 also climbed above 23,400, buoyed by a sharp rally in Reliance Industries following its quarterly earnings and easing crude oil prices.
The 30-share Sensex surged 1,233.25 points, or 1.66%, to close at the day's high of 75,692.78, its highest level since 7 September. The Nifty rose 387.70 points, or 1.68%, to settle at 23,440.80, also its highest close in more than five weeks.
Among the 30 Sensex constituents, Reliance Industries led the gains, surging 11.64% after reporting a record quarterly profit of ₹29,550 crore for July-September, up 33.8% from a year earlier. Strong performance in its oil-to-chemicals business, driven by higher global fuel margins, and growth in its telecom arm offset relatively subdued performance in retail.
Two stock recommendations by MarketSmith India:
Buy: Tanla Platforms Ltd (current price: ₹644)
- Why it’s recommended: Strong leadership in India’s CPaaS and enterprise messaging market, rising digital communication, RCS and OTT messaging adoption, and the…
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